How do I set up a auto loan with a trade-in and cash down payment?

I want to set up an auto loan that had a trade in vehicle listed in my assets and cash out. I want to record the loan, remove the vehicle and record the cash out. The new loan set up does not allow the recording of trade ins nor cash associated to loan

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Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    The trade-in and cash down payment are not part of the loan.  The trade-in and cash down payment are part of the transaction you entered for the purchase of the vehicle.
  • pabaker
    pabaker Member
    Thanks. I know that the cash and trade in are not part of loan; however, I wanted to record the removal of the trade in from my asset file and categorize the cash out. I figured out how to do it. I created the loan at the full price for the car; then removed the trade in asset by categorizing it to the loan and the same with the cash out. Then recalculated the loan with a new payment schedule that shows the correct payment amount and the adjustments with a correct beginning loan balance.